Breaking Property News 11/10/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Norther Ireland sees an increase in sales prices & rental prices
The leading property portal, PropertyPal, has released their quarterly report highlighting insights and trends that have shaped the Northern Ireland Housing Market in Q3 2024. It includes a comprehensive overview of property sales, rentals, and new homes during the last three months.
Key highlights from the report include: The average property price is £212,400 (excluding New Homes), reflecting a 5.3% annual increase and a 2.6% quarterly increase. The average rent is £891 per month, marking a 10.0% annual increase and a 2.1% quarterly increase. The average New Home property price is £245,500, with a 4.8% annual increase and a 2.2% quarterly increase.
The Derry City & Strabane area has seen the largest annual increase in house prices at 10.4%, with the average property price now £179,600. The Belfast area has seen the largest annual increase in rent at 10.5%, with the average rent now £1,027 per month. The average days on market for a house to reach ‘sale agreed’ is 45 days, compared to 47 days in Q3 2023.
There were 6,671 properties agreed for sale in Q3 2024, with sales volumes up 14% compared to Q3 2023. Over the past 3 months, there have been an average of 73 enquiries per advertised rental on PropertyPal.
Jordan Buchanan, CEO at PropertyPal commenting on the housing market, “Northern Ireland house sales have experienced a strong rebound, growing by 14% over the past year as confidence surged across the sector during the summer months. Visitors to PropertyPal and enquiries to estate agents have also increased by 15% and 6%, respectively, indicating continued pent-up demand for the remainder of 2024.
Lower mortgage rates are a key driver of these improved market conditions, with expectations of further rate reductions in the coming months. In fact, recent data from the Bank of England reveals that UK-wide mortgage approvals have reached their highest level in two years. House prices are also rising in response, with the average property price now 5.3% higher than a year ago. This upward trend is expected to persist, and potentially accelerate, if mortgage rates continue to decline.
While low housing supply has been a persistent challenge restraining the market in recent years, there are early signs of modest improvement, with new listings for sale up 5% compared to last year. The upcoming UK Budget later this month will be closely watched, with speculation around potential measures to address housing supply barriers but also tax-related issues.
Jordan Buchanan, also commented on the rental market, “Rents in Northern Ireland continue to rise, with double-digit annual growth of 10%, pushing the average rent to £890 per month and intensifying pressures on rental affordability. Demand remains exceptionally high, with an average of 73 enquiries sent to estate agents for each advertised rental property.
In contrast, supply remains at historically low levels. It is vital that both the national government, in the upcoming Budget, and the local Executive recognise the increasing pressures in the private rental market. To alleviate these persistent and growing challenges, efforts must focus on removing barriers to housing supply while providing incentives to boost investment in the private rented sector.”
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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